Countries with the Greatest Number of Millionaires Worth Over $1 Million in 2025 (Africa)
Uganda Emerges as a Hub of Private Wealth in Africa
Africa's economic landscape is undergoing a significant transformation, with Uganda taking centre stage as one of the fastest-growing hubs of private wealth. According to the Africa Wealth Report 2025, the continent's millionaire class is set to surge by 65% over the next decade, and Uganda is no exception.
Uganda hosts a substantial number of dollar millionaires, with an estimated 2,700 individuals boasting liquid investable wealth of $100 million or more. This puts Uganda in the league of countries like Botswana, Cote d'Ivoire, Tanzania, Angola, Ethiopia, Namibia, Ghana, Algeria, Kenya, Egypt, and Nigeria, which also have a substantial millionaire population.
The continent's economy is projected to reach a staggering $29 trillion by 2050, and Uganda's economy is expected to play a significant role in this growth. The country's GDP in 2025 is valued at $64.28 billion in current prices, with a GDP per capita of $1,340. Uganda's economy is projected to expand by 6.1% in 2025, making it one of Africa's fastest-growing economies.
Agriculture remains Uganda's economic backbone, particularly coffee. The country is globally known for its mountain gorillas, the source of the Nile, and the vast Lake Victoria. Much of Uganda's wealth is concentrated in Kampala, the country's economic, political, and financial hub. The cities in Uganda with the highest concentrations of millionaires are primarily Kampala, the capital and largest city, followed by Entebbe and other major urban centers.
Inflation in Uganda is relatively moderate at 4.2% in 2025, making it an attractive destination for investors. When measured by purchasing power parity (PPP), Uganda's GDP stands at $187.11 billion in 2025. South Africa hosts the highest number of millionaires among African countries, but Uganda's growth trajectory suggests that it could soon challenge that position.
The newfound wealth in Uganda is not only a testament to the country's economic growth but also a sign of its potential to drive development and lift millions out of poverty. As the continent's wealth map is being redrawn, Uganda is positioning itself as a key player in shaping Africa's economic future.
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